Gentile, the former chief executive and founder of GPB Capital, was convicted last year for his role in a long-running scheme that misled thousands of investors about the performance of the company’s private equity funds. Prosecutors said more than 10,000 people were affected.

His release marks yet another instance in which the president has stepped in to reduce sentences for individuals convicted of white-collar crimes.

Gentile was found guilty of securities and wire fraud in August and sentenced in May. His business partner, Jeffry Schneider, received a six-year sentence and remains in prison.

At the time of the sentencing, prosecutors described GPB Capital as a company “built on a foundation of lies,” accusing it of earning more than $1.6bn by using money from new investors to pay returns to earlier ones.

While prosecutors labeled the operation as a Ponzi scheme, the White House now argues that the justice system under former President Joe Biden mishandled the case. Officials say investors were told that their contributions might be used for distribution payments and that this transparency undermines the fraud allegations.

The administration also pointed to Gentile’s claims that false testimony was used during the trial.

Although Trump reduced Gentile’s sentence, the commutation does not erase his conviction or eliminate other penalties he may face. Since beginning his second term, the president has pardoned or commuted the sentences of several people convicted of tax, securities, wire, and healthcare fraud. Just last month, he issued a pardon to Tennessee state House Speaker Glen Casada, who was convicted of fraud, conspiracy, and money laundering.

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